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Foreign trade deficit widens to €9.1bn in January-August


Polish exports of goods were worth €89.3bn in January-August, while imports totalled €98.4bn, according to preliminary data from the Central Statistical Office (GUS). This translates into nominal increases of 15.3% y-o-y and 15.1% y-o-y, respectively. As a result, the country’s foreign trade deficit widened by 13.3% y-o-y to €9.1bn.

Poland’s trade balance with the countries of the European Union as well as with the wider category of developed countries improved slightly over this period, showing surpluses of €11.3bn and €9.9bn. Meanwhile, its deficit in trade with developing countries marginally increased to €12.6bn, and the deficit with the countries of Southern and Eastern Europe surged by almost 55% to €6.4bn.

Of Poland’s main trading partners, by far the highest increase in exports was to Russia (up by 31.3% y-o-y), followed by the Czech Republic (up by 20.9% y-o-y), Germany (up by 16.2% y-o-y), and Sweden (up by 15.7% y-o-y). By contrast, exports to France inched up by a meagre 1.4% y-o-y.

The biggest increase in imports was also with Russia (up by 33.4% y-o-y), followed by the Czech Republic (up by 17.3% y-o-y), Germany (up by 15.7% y-o-y) and the Netherlands (up by 15.5% y-o-y). On the other hand, imports from the United States edged up by 0.4% y-o-y.

By way of comparison, in 2010 as a whole the trade deficit amounted to €13.8bn, i.e. approximately 3.9% of GDP.

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